U.S. patent number 7,689,499 [Application Number 11/361,217] was granted by the patent office on 2010-03-30 for system and method for displaying market data in an electronic trading environment.
This patent grant is currently assigned to Trading Technologies International, Inc.. Invention is credited to Douglas R. Duquette.
United States Patent |
7,689,499 |
Duquette |
March 30, 2010 |
System and method for displaying market data in an electronic
trading environment
Abstract
A trading interface is provided for displaying market data
related to a tradeable object being traded at an electronic
exchange. According to one example embodiment, market data related
to a tradeable object is displayed in relation to a value axis,
such as a price axis. As new market data is received, the displayed
market data is updated and may be repositioned so that a trader can
view current market conditions in a viewable portion of the
interface. The interface also includes a number of market movement
indicators that assist a trader in tracking market movement. These
viewable references allow a trader to navigate and immediately
understand the "real" direction of the market activity despite any
underlying adjustment of the viewable area of the trading
interface.
Inventors: |
Duquette; Douglas R. (Wilmette,
IL) |
Assignee: |
Trading Technologies International,
Inc. (Chicago, IL)
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Family
ID: |
41279726 |
Appl.
No.: |
11/361,217 |
Filed: |
February 24, 2006 |
Related U.S. Patent Documents
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Application
Number |
Filing Date |
Patent Number |
Issue Date |
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60656028 |
Feb 24, 2005 |
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Current U.S.
Class: |
705/37 |
Current CPC
Class: |
G06Q
30/0601 (20130101); G06Q 40/04 (20130101); G06F
40/18 (20200101) |
Current International
Class: |
G06Q
40/00 (20060101) |
References Cited
[Referenced By]
U.S. Patent Documents
Other References
Gabriel Kim and the Staff of Vault, "Vault Career Guide to Sales
& Trading", Vault Career Library, 2004, p. 29. cited by
other.
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Primary Examiner: Borlinghaus; Jason M
Attorney, Agent or Firm: McDonnell Boehnen Hulbert &
Berghoff LLP
Parent Case Text
PRIORITY
The present application claims priority to a U.S. Provisional
Patent Application Ser. No. 60/656,028 entitled "Hand-eye,
electronic trading interface, with responsive display of market
depth and order parameter input tracking system, responsive to
changes in the configuration of "most recent" market depth," filed
on Feb. 24, 2005, the contents of which are incorporated herein by
reference.
Claims
The invention claimed is:
1. A method for displaying market data on a video display
comprising: receiving a streaming market data feed from an
electronic exchange, the market data feed comprising market updates
having a plurality of parameters, the plurality of parameters
comprising a last traded price and an inside market with a best bid
price and a best ask price currently available for a tradeable
object; displaying a first indicator representing the best bid
price currently available for the tradeable object at a first
location corresponding to a first price level along a price axis,
and a second indicator representing the best ask price currently
available for the tradeable object at a second location
corresponding to a second price level along the price axis;
displaying a market movement indicator at a third location
corresponding to a third price level along the price axis; and in
response to receiving new market updates in the market data feed
from the electronic exchange, adjusting a view of the price axis,
including the first indicator, the second indicator and the market
indicator, such that the first indicator and the second indicator
are located in a predetermined viewable area of the video display
and the market movement indicator indicates a range of price levels
including the third price level and a price level of at least one
of a plurality of parameters of the new market updates.
2. The method of claim 1, wherein the range of price levels
comprises the third price level.
3. The method of claim 1, wherein adjusting the view comprises:
repositioning the price axis such that at least one of the
plurality of parameters is displayed at a designated location and
the market movement indicator is displayed at a new location
corresponding to the selected price level.
4. The method of claim 3, wherein the designated location is a
location that is substantially centered in a region, the region for
displaying the indicators associated with price levels positioned
along the price axis.
5. The method of claim 3, wherein the price axis is repositioned
based on an algorithm.
6. The method of claim 5, wherein the algorithm is
user-defined.
7. The method of claim 1, wherein the price axis is displayed on a
graphical user interface in a window, and wherein the price axis is
oriented vertically, horizontally, or at an angle in the
window.
8. The method of claim 1, further comprising: displaying a
plurality of bid indicators at a plurality of bid prices currently
available for the tradeable object at a first plurality of
locations corresponding to the plurality of bid prices, wherein the
plurality of bid indicators are repositioned to a second plurality
of locations.
9. The method of claim 1, further comprising: providing an alert
when the market crosses the third price level associated with the
market movement indicator.
10. The method of claim 1, further comprising: providing at least
one of an audio alert or a visual alert when at least one of the
plurality of parameters is within a range of price levels
determined based on the third price level associated with the
market movement indicator.
11. The method of claim 1, further comprising: providing a new bid
indicator upon detecting a change in the best bid price based on
the new market updates.
12. The method of claim 1, further comprising: providing a new ask
indicator upon detecting a change in the best ask based on the new
market updates.
13. The method of claim 1, further comprising: displaying a best
ask indicator at the best ask price level; and displaying a best
bid indicator in place of the best ask indicator when, based on the
new market updates, a new bid price level falls at or higher than
the best ask price level.
14. The method of claim 1, further comprising: displaying a best
bid indicator at the best bid price level; and displaying a best
ask indicator in place of the best bid indicator when, based on the
new market updates, a new ask price level falls at or below the
best bid price level.
15. A computing device for displaying a graphical interface for
market data relating to a tradeable object being traded at an
electronic exchange, the computing device comprising: a processing
device programmed to display a graphical user interface having: a
price axis comprising a plurality of price levels that are
determined based on a market data feed from the electronic
exchange, the market data feed comprising market updates having a
plurality of parameters, the plurality of parameters comprising a
last traded price and an inside market with a best bid price and a
best ask price currently available for a tradeable object; a first
indicator representing the best bid price currently available for
the tradeable object, the first indicator being displayed at a
first location corresponding to a first price level along the price
axis; a second indicator representing the best ask price currently
available for the tradeable object, the second indicator being
displayed at a second location corresponding to a second value
along the price axis; and a market movement indicator displayed at
a third location corresponding to a third price level along the
price axis; wherein, in response to receiving new market updates in
the market data feed from the electronic exchange, a view of the
price axis, including the first indicator at the first location,
and the second indicator at the second location, is adjusted such
that the first indicator and the second indicator are located at a
predetermined viewable area of the video display; and wherein the
market movement indicator indicates a range of price levels
including the third price level and a price level of at least one
of a plurality of parameters of the new market updates.
16. The computing device of claim 15, wherein the range of price
levels comprises the third price level.
17. The computing device of claim 15, wherein the view is adjusted
by repositioning the price axis such that at least one of the
plurality of parameters is displayed at a designated location and
the market movement indicator is displayed at a new location
corresponding to the selected price level.
18. The computing device of claim 17, wherein the designated
location comprises a location that is substantially centered in a
region, the region for displaying the indicators associated with
price levels positioned along the price axis.
19. The computing device of claim 17, wherein the price axis is
repositioned based on an algorithm.
20. The computing device of claim 19, wherein the algorithm is
user-defined.
21. The computing device of claim 15, wherein the price axis is
displayed on a graphical user interface in a window, and wherein
the price axis is oriented vertically, horizontally, or at an angle
in the window.
22. The computing device of claim 15, further comprising: a
plurality of bid indicators displayed at a plurality of bid prices
currently available for the tradeable object at a first plurality
of locations corresponding to the plurality of bid prices, wherein
the plurality of bid indicators are repositioned to a second
plurality of locations.
23. The computing device of claim 15, wherein an alert is provided
when the market crosses the third price level associated with the
market movement indicator.
24. The computing device of claim 15, where at least one of an
audio alert or a visual alert is provided when at least one of the
plurality of parameters is within a range of price levels
determined based on the third price level associated with the
market movement indicator.
25. The computing device of claim 15, further comprising: a best
ask indicator displayed at the best ask price level; and a best bid
indicator displayed in place of the best ask indicator when, based
on the new market updates, a new bid price level falls at or higher
than the best ask price level.
26. The computing device of claim 15, further comprising: a best
bid indicator displayed at the best bid price level; and a best ask
indicator displayed in place of the best bid indicator when, based
on the new market updates, a new ask price level falls at or below
the best bid price level.
27. A computer readable medium having computer executable code
stored thereon which when executed by a processor cause the
processor to execute a method comprising: receiving a streaming
market data feed from an electronic exchange, the market data feed
comprising market updates having a plurality of parameters, the
plurality of parameters comprising a last traded price and an
inside market with a best bid price and a best ask price currently
available for a tradeable object; displaying a first indicator
representing the best bid price currently available for the
tradeable object at a first location corresponding to a first price
level along a price axis, and a second indicator representing the
best ask price currently available for the tradeable object at a
second location corresponding to a second price level along the
price axis; displaying a market movement indicator at a third
location corresponding to a third price level along the price axis;
in response to receiving new market updates in the market data feed
from the electronic exchange, adjusting a view of the price axis,
including the first indicator, the second indicator and the market
indicator, such that the first indicator and the second indicator
are located in a predetermined viewable area of the video display
and the market movement indicator indicates a range of price levels
including the third price level and a price level of at least one
of the plurality of parameters of the new market updates.
28. A method for displaying market data on a video display
comprising: receiving a streaming market data from an electronic
exchange, the market data having market updates including a last
traded price and an inside market with a best bid price and a best
ask price currently available for a tradeable object; displaying a
first indicator at a first price level along a price axis
corresponding to the best bid price currently available for the
tradeable object displaying a second indicator at a second price
level along the price axis corresponding to the best ask price
currently available for the tradeable object; displaying a market
movement indicator at a third price level along the price axis; and
in response to receiving a market update, adjusting a view of the
price axis, including the first indicator and the second indicator,
and the market movement indicator, such that the first indicator
and the second indicator are located in a predetermined viewable
area of the video display and updating the market movement
indicator to indicate a range of price levels including the third
price level and a price level the last trade price.
Description
TECHNICAL FIELD
The present invention is directed to electronic trading. More
specifically, the present invention is directed to a system,
method, and a graphical interface for displaying market information
and entering orders in an electronic trading environment.
BACKGROUND
Trading methods have evolved from a manually intensive process to a
technology enabled, electronic platform. With the advent of
electronic trading, a user or trader can be in virtually direct
contact with the market, from practically anywhere in the world,
performing near real-time transactions.
Electronic trading is generally based on a host exchange, one or
more computer networks, and client devices. In general, the host
exchange includes one or more centralized computers to form the
electronic heart. Its operations typically include maintaining an
exchange order book that records unexecuted orders, order matching,
providing price and order fill information, and managing and
updating a database that records such information. The host
exchange is also equipped with an external interface that maintains
uninterrupted contact to the client devices and possibly other
trading-related systems.
Using client devices, traders link to the host exchange through one
or more networks to trade tradeable objects. As used herein, the
term "tradeable object" refers to anything that can be traded with
a quantity and/or price. It includes, but is not limited to, all
types of traded events, goods and/or financial products, which can
include, for example, stocks, options, bonds, futures, currency,
and warrants, as well as funds, derivatives and collections of the
foregoing, and all types of commodities, such as grains, energy,
and metals. The tradeable object may be "real," such as products
that are listed by an exchange for trading, or "synthetic," such as
a combination of real products that is created by the user. A
tradeable object could actually be a combination of other tradeable
objects, such as a class of tradeable objects.
A client device is a computer such as a personal computer, laptop
computer, hand-held computer, and so forth that has network access.
A network is a group of two or more computers or devices linked
together in any fashion, which may be characterized by topology,
protocol, and architecture. For example, some market participants
may link to the host through a direct network connection such as a
T1 or ISDN. Some participants may link to the host exchange through
direct network connections and through other common network
components such as high-speed servers, routers, and gateways that
allow a trader to connect to an electronic exchange. The Internet,
a well-known collection of networks and gateways, can be used to
establish a connection between the client device and the host
exchange. There are many different types of wired and wireless
networks and combinations of network types known in the art that
can link traders to the host exchange.
Electronic markets are often very volatile, with prices that can
move rapidly in wildly variable ways at unknowable times for
unknowable durations. To profit in these markets, traders must be
able to react quickly to all possible market configurations. A
skilled trader with the quickest, most responsive and task reducing
software, the fastest communications, and the best analytical
tools, can significantly improve the likelihood of a profitable
result from trading activities. The slightest speed advantage in
knowing the "real", non-latent market and management of a proper
response can generate significant returns in a fast moving
market.
It would be beneficial to provide a trading interface that can
accommodate varying market conditions and allow a trader to view
current market conditions.
BRIEF DESCRIPTION OF THE DRAWINGS
Example embodiments are described herein with reference to the
following drawings, in which:
FIG. 1 illustrates a trading system for electronic trading
according to an example embodiment, wherein the trading system
includes a trading station where a trader can submit bids and
offers for a tradeable object being traded at an electronic
exchange;
FIG. 2 illustrates another trading system for electronic trading
according to another example embodiment, wherein the trading system
includes a trading station where a trader can submit bids and
offers for a tradeable object being traded at more than one
electronic exchange;
FIG. 3 is a block diagram illustrating a trading interface
according to one example embodiment;
FIGS. 4A and 4B illustrate one method of operation of a graphical
user interface according to one example embodiment;
FIG. 5 is a block diagram illustrating a later view of the trading
interface shown in FIG. 3 upon receiving a new market update;
FIG. 6 is a block diagram illustrating a later view of the trading
interface shown in FIG. 5 upon receiving a new market update;
FIG. 7 is a block diagram illustrating an interface for displaying
market data having market depth showing price gaps; and
FIG. 8 is a block diagram that illustrates a trading interface for
displaying market depth having non-contiguous tradeable price
levels and a range of prices greater than a viewable price
range.
DETAILED DESCRIPTION
I. Overview
Example systems and associated methods described below provide a
trading interface that displays market depth in relation to a value
axis. The example trading interface arranges market information in
an easy to read fashion by orienting the bid and ask quantities
along a value axis. The values on the value axis may display prices
for a given tradeable object, and the prices may be arranged along
the value axis in a numerical order in increments. Additionally, as
will be described in greater detail below, some of the values
displayed in relation to the value axis may be collapsed in certain
areas of the interface to allow a trader to view and trade all
available market depth prices.
According to one example embodiment of a trading interface, bid and
ask indicators are displayed in alignment with their respective
prices, and may also fluctuate up/down or left/right responsive to
market changes as provided in market updates from an electronic
exchange. The example trading interface allows a trader to view
current market conditions by letting the bid and ask indicators
move along the value axis to reflect a change in the inside market
and then the interface will (according to a particular algorithm)
automatically reposition the indicators to locations substantially
at the center of the trading interface. Thus, this drifting and
repositioning effect of the trading interface preferably keeps the
market depth within a viewable trading screen by automatically
repositioning or re-centering the trading screen based on the
market movement and the chosen algorithm, the example embodiments
of which will be illustrated in greater detail below.
According to one example embodiment, a trader can define a ratio
that may be used to control when and by how many ticks the
displayed market depth is re-positioned to maintain the full view
of the market depth on a trading screen. The example ratio can
include a first value to control when the re-positioning should be
triggered, and a second value that could be used to control by how
many ticks the market depth should be adjusted. According to one
example embodiment, the first value may define a number of ticks
that the best bid/best ask indicators are displayed above/below a
reference point, such as the center or approximately the center of
the trading interface. For example, and as will be described in
greater detail below, if the most recent best bid is greater than
the reference point and the most recent best bid is greater than
the previous bid which also was above the reference point, and the
most recent best bid is greater than the previous bid by at least
the number of ticks defined with the first value of the ratio, the
entire market depth display may be re-positioned downward towards
the reference point, such as a center line, by the number of ticks
defined with the second value of the ratio. The opposite can be
applied in relation to the current best ask, as will be described
below. The process of automatic repositioning can take many
different formats, including slow movement repositioning to rapid
movement repositioning, or yet some other configuration.
The trading interface also includes a number of market movement
indicators that can assist a trader in tracking changes in the
market, such as determining if the market has moved up or down in
value, while the view of the market data displayed on the interface
has been updated (or is in the process of being updated) due to a
repositioning command. These market movement indicators are
particularly useful when using a screen display of the type
described herein. As will be described in greater detail later,
each market movement indicator may be positioned at a price level
selected by a user. According to one example embodiment, as the
location of the selected price may change when a view of the
interface is updated based on changing market conditions, the
indicator is moved as well. Then, for example, if a market related
parameter, such as an inside market parameter, a last traded price,
or yet some other parameter, crosses the price associated with the
indicator or is within a price range defined based on the price
level selected for the indicator, an alert can be generated to
alert a trader of the market movement. As will be described below,
the alert can take many different formats, including sound alerts,
as well as graphical alerts, such as changing the format of the
indicator. Different indicators, including detecting a new best bid
or a new best ask, that may assist a trader in tracking direction
of the market will be described in greater detail with reference to
the subsequent figures.
The example trading interface also allows a trader to lock a
location of a cursor corresponding to a user input device to a
specific area on the interface such that, when the display is
dynamically updated based on changing market conditions that cause
repositioning of the market view, the location of the cursor moves
as well such that the cursor remains positioned at the selected
location. For example, a trader may wish to lock the location of
the cursor to an area of an order entry region corresponding to a
predefined price level so that, even when the display is updated,
the trader can quickly enter an order at the desired price
level.
While the example embodiments are described herein with reference
to illustrative embodiments for particular applications, it should
be understood that the example embodiments are not limited thereto.
Other systems, methods, and advantages of the present embodiments
will be or become apparent to one with skill in the art upon
examination of the following drawings and description. It is
intended that all such additional systems, methods, features, and
advantages be within the scope of the present invention, and be
protected by the accompanying claims.
II. A First Example Trading System
FIG. 1 illustrates an example electronic trading system in which
the example embodiments may be employed. In this example, the
system comprises a trading station 102 that accesses an electronic
exchange 104 through a gateway 106. Router 108 is used to route
messages between the gateway 106 and the electronic exchange 104.
The electronic exchange 104 includes a computer process (e.g., the
central computer) that matches buy and sell orders sent from the
trading station 102 with orders from other trading stations (not
shown). The electronic exchange 104 may list one or more tradeable
objects for trading. While not shown in FIG. 1 for the sake of
clarity, the trading system may include other devices that are
specific to the client site like middleware and security measures
like firewalls, hubs, security managers, and so on, as understood
by a person skilled in the art.
Regardless of the type of order execution algorithm used, the
electronic exchange 104 provides market information to the
subscribing trading station 102. Market information may include
data that represents just the inside market. The inside market is
the lowest sell price (best ask) and the highest buy price (best
bid) at a particular point in time. Market information may also
include market depth. Market depth refers to quantities available
at the inside market and can also refer to quantities available at
other prices away from the inside market. The quantity available at
a given price level is usually provided by the host exchange in
aggregate sums. In other words, an exchange usually provides the
total buy quantity and the total sell quantity available in the
market at a particular price level in its data feed. The extent of
the market depth available to a trader usually depends on the
exchange. For instance, some exchanges provide market depth for all
(or most) price levels, while some provide only quantities
associated with the inside market, and others may provide no market
depth at all. Additionally, the exchange 104 can offer other types
of market information such as the last traded price (LTP), the last
traded quantity (LTQ), and order fill information.
The computer employed as the trading station 102 generally can
range from a hand-held device, laptop, or personal computer to a
larger computer such as a workstation and multiprocessor. An
illustrative personal computer may use Pentium.TM. microprocessors
and may operate under a Windows operating system, or yet may use
some other microprocessor or operating system. Generally, the
trading station 102 includes a monitor (or any other output device)
and an input device, such as a keyboard and/or a two or
three-button mouse to support click based trading, if so desired.
One skilled in the art of computer systems will understand that the
present example embodiments are not limited to any particular class
or model of computer employed for the trading station 102 and will
be able to select an appropriate system.
The computer employed as the gateway 106 generally can range from a
personal computer to a larger or faster computer. An illustrative
gateway 106 computer may use Pentium.TM. microprocessors and may
operate under a Windows (server or workstation) operating system,
or yet some other system. Generally, the gateway 106 may
additionally include a monitor (or any other output device), input
device, and access to a database, if so desired. One skilled in the
art of computer systems will also understand that the present
example embodiments are not limited to any particular class or
model of computer(s) employed for the gateway 106 and will be able
to select an appropriate system.
It should be noted that a computer system that may be employed here
as a trading station or a gateway generally includes a central
processing unit, a memory (a primary and/or secondary memory unit),
an input interface for receiving data from a communications
network, an input interface for receiving input signals from one or
more input devices (for example, a keyboard, mouse, etc.), and an
output interface for communications with an output device (for
example, a monitor). A system bus or an equivalent system may
provide communications between these various elements.
It should also be noted that the trading station 102 generally
executes application programs resident at the trading station 102
under the control of the operating system of the trading station
102. Also, the gateway 106 executes application programs resident
at the gateway 106 under the control of the operating system of the
gateway 106. In other embodiments and as understood by a person
skilled in the art, the function of the application programs at the
trading station 102 may be performed by the gateway 106, and
likewise, the function of the application programs at the gateway
106 may be performed by the trading station 102.
The actual electronic trading system configurations are numerous,
and a person skilled in the art of electronic trading systems would
be able to construct a suitable network configuration. For the
purposes of illustration, some example configurations are provided
to illustrate where the elements may be physically located and how
they might be connected to form an electronic trading system. These
illustrations are meant to be helpful to the reader, and they are
not meant to be limiting. According to one example illustration,
the gateway device may be located at the client site along with the
trading station, which is usually remote from the matching process
at the electronic exchange. According to this instance, the trading
station, the gateway, and the router may communicate over a local
area network, and the router may communicate with the matching
process at the electronic exchange over a T1, T3, ISDN, or some
other high speed connection.
In another example illustration, the client site may be located on
the actual grounds of the electronic exchange (for example, in the
building of the exchange). According to this instance, the trading
station, the gateway, and the router may still communicate over a
local area network, but the router may communicate with the
matching process at the electronic exchange through another
connection means besides a T1, T3, or ISDN.
In yet another example illustration, the gateway may be housed at,
or near, its corresponding electronic exchange. According to this
instance, the trading station may communicate with the gateway over
a wide area network or through the use of a T1, T3, ISDN, or some
other high speed connection.
In another example illustration, the gateway may be located remote
from the trading station and remote from the electronic exchange,
which might be particularly useful in systems that include
interconnection of multiple trading networks. Thus, one trading
network might have gateway access to an electronic exchange. Then,
other trading networks may communicate with the trading network
that has gateway access through a T1, T3, ISDN, or some other high
speed connection.
III. A Second Example Trading System
FIG. 2 illustrates another example trading system that uses similar
computer elements as shown in FIG. 1, in which, the example
embodiments may be employed to trade at multiple electronic
exchanges. The system comprises a trading station 202 that can
access multiple electronic exchanges 204 and 208. In this
particular embodiment, electronic exchange 204 is accessed through
gateway 206 and electronic exchange 208 is accessed through another
gateway 210. Alternatively, a single gateway may be programmed to
handle more than one electronic exchange. Router 212 is used to
route messages between the gateways 206 and 210 and the electronic
exchanges 204 and 208. While not shown in the figure, the system
may include other devices that are specific to the client site like
middleware and security measures like firewalls, hubs, security
managers, and so on, as understood by a person skilled in the art.
Additional electronic exchanges may be added to the system so that
the trader can trade at any number of exchanges, if so desired.
The trading system presented in FIG. 2 provides the trader with the
opportunity to trade tradeable objects listed at different
electronic exchanges. To some traders, there can be many advantages
with a multi-exchange environment. For example, a trader could view
market information from each tradeable object through one common
visual display. As such, price and quantity information from the
two separate exchanges may be presented together so that the trader
can view both markets simultaneously in the same window. In another
example, a trader can spread trade different tradeable objects
listed at the different electronic exchanges.
As indicated earlier, one skilled in the art of electronic trading
systems will understand that the present embodiments are not
limited to the particular configurations illustrated and described
with respect to FIG. 1 and FIG. 2, and will be able to design a
particular system based on the specific requirements (for example,
by adding additional exchanges, gateways, trading stations,
routers, or other computers serving various functions like message
handling and security). Additionally, several networks, like either
of the networks shown in FIG. 1 or FIG. 2, may be linked together
to communicatively access one or more electronic exchanges.
IV. Graphical Interface
Example systems and associated methods described herein provide a
trading interface that displays market depth in relation to a value
region that, according to the example embodiments described herein
will be arranged to form a value axis, such as a price axis. The
example trading interface may arrange market information in an easy
to read fashion by orienting the bid and ask quantities along a
value axis, with the bids and asks being updated and changing
locations in relation to the value axis upon receiving new market
data. The interface also allows a trader to view current market
conditions by automatically repositioning the inside market or any
other user-defined parameter, such as the last traded price, for
example, to the center of the trading interface upon detecting that
the inside market is displayed too far from the desired location,
such as the center of the trading interface. More specifically, the
trading interface preferably keeps the market depth within a
viewable trading screen by automatically repositioning the trading
screen based on the market movement and user defined settings. As
will be described in reference to the subsequent figures, the
trading interface also allows a trader to select one or more points
of interest, such as specific prices displayed on the interface. In
such an embodiment, when the view of the market data is updated or
repositioned, and the market changes such that the inside market or
yet some other user-defined market related parameter, such as the
last traded price, is at the selected price or within a range
designated based on the selected price, an alert could be provided
to a trader to inform the trader of the occurring market
conditions. For example, the indicator could be modified,
disappear, start flashing, or yet change in a different manner
based on the user-defined settings. Also, audio alerts could be
provided as well to alert a trader of the changing market
conditions.
FIG. 3 is a block diagram illustrating a graphical trading
interface 300 according to one example embodiment.
The graphical trading interface 300 displays market information
relative to a value region 302 illustrated in the format of a value
axis. According to one example embodiment, the value axis 302
displays prices corresponding to a tradeable object. However,
different values could be displayed on the value axis 302 as well,
such as a derivative of the price, for example. As shown in FIG. 3,
the prices on the value axis 302 may be arranged in a numerical
order in increments; however, different embodiments, with some
areas on the interface being programmed to use different price
increments than others, will be illustrated in relation to the
subsequent figures as well. It should be understood that more than
one axis (or an arrangement of values) may be used to represent the
"value axis," so long as there is some viewable relationship
between the axes.
The values on the value axis 302 normally move as the market view
is adjusted to maintain it in a predefined area of the interface.
According to one example embodiment, the trading interface 300
preferably keeps the full market depth (if possible, given some
exchanges may provide more levels of market depth information than
the trading interface can display) within a viewable trading screen
by automatically repositioning the trading screen based on the
market movement and user defined settings. For example, if the
inside market prices move up by one or more ticks thus causing the
inside market to be displayed higher than in the previous market
view, the value axis 302 could automatically move in the opposite
direction by one or more ticks thereby moving the inside market
prices or yet another market related parameter toward the
centralized viewable reference point, the details of which will be
described in reference to the subsequent figure. Also, market
information displayed in relation to the value axis 302 fluctuate
along the price levels up or down as the prices move up or down on
the value axis 302 based on changing market conditions.
In addition to the value axis 302, the trading interface 300
includes a plurality of other regions 304-318 arranged in columns,
with each column including a number of locations corresponding to a
plurality of values displayed on the value axis 302. The market
depth column 304 contains indicators that represent bid and ask
information. As the prices displayed in the value axis 302 move up
or down responsive to repositioning, the indicators in the market
depth column 304 move accordingly up or down along the value axis
302. According to one example embodiment, the indicators in the
market depth column 304 can be color-coded to differentiate bids
from asks. For example, cells in the market depth column 304
corresponding to bids could be displayed in blue, while those
corresponding to asks could be red. However, different colors could
be used as well.
In the example shown in FIG. 3, the current best bid of 8 is at the
price level of 129.68, and the current best ask of 265 is at the
price level of 129.69. While the interface 300 shows five market
depth levels on each bid and ask side of the market, it should be
understood that the number of shown market depth levels could be
exchange-specific, as some exchanges provide more or fewer levels
than other exchanges. The number of displayed market depth levels
could also depend on user-defined settings. Additionally, while the
interface 300 shows a single market depth column (displaying bid
and ask information in the same column), two different regions
could be used as well to display market depth data corresponding to
the tradeable object, with one region displaying bid indicators and
another region displaying ask indicators.
The column 306 displays values that represent the number of pending
orders that create the overall market depth quantity displayed at
each price level in the market depth column 304. For example, based
on the information displayed in FIG. 3, there are 4 pending orders
having the total quantity of 8 at the best ask price of 129.68.
Then, column 308 indicates the total quantity traded on the current
best bid, which in this example corresponds to a total quantity of
3. While the column 308 displays the total quantity traded in
relation to the best bid price, it should be understood that the
number of trades could be displayed in relation to more than one
price level based on the trader's preferences.
Referring now to the regions to the right of the value axis 302,
the region 310 may display order indicators corresponding to the
trader's working orders. One such working order indicator, a sell
order indicator 320, is displayed in relation to the price level of
129.71. As shown in FIG. 3, the indicator 320 displays a working
order quantity of 8 corresponding to the sell order. It should be
understood that working order indicators could be color-coded to
differentiate a buy order from a sell order. Alternatively,
different indicators for a sell order vs. a buy order could be used
as well, such as "+" and "-" or yet some other identifiers. In
addition to the indicators corresponding to the working orders, the
region 310 could display indicators corresponding to potential
orders, e.g., conditional orders that will be submitted to an
electronic exchange upon detecting a predefined condition, such as
time for a timed order, or yet some other market related condition
that is preset to activate submission of an order to an electronic
exchange. It should be understood that different indicators from
those being used in relation to the working orders could be used to
denote potential orders.
The region 312 displays working order indicators and potential
order indicators corresponding to trader's orders initiated from
sources other than the trader interacting manually, at least in
part, with the trading interface. The region 314 may display an
indicator that corresponds to a trader's net position. According to
one example embodiment, the net position indicator could be
displayed at an average price calculated based on the prices of the
fills that comprise the net position shown at the price level where
the net position indicator is displayed. Alternatively, each filled
order could be shown summarily at each corresponding price. Also,
each net position indicator displayed in the region 314 could be
color-coded to indicate a long position vs. a short position, and a
value could be displayed in relation to each net position indicator
to define a net quantity at the price level at which the indicator
is displayed.
The region 316 is used to display a point of reference marker 322
that can be used to indicate a new higher/lower bid or a new
higher/lower ask. According to an example embodiment, the new
bid/ask can be compared to the previous bid/ask to detect the new
value. It should be understood that any indicator format could be
used to indicate detecting a change in the level of the inside
market. According to one example embodiment, a color-coded column
of cells in the region 316 starting from the bottom corner of the
interface up to the level of the new higher bid could be displayed
and could temporarily flash to indicate the new higher bid. Similar
indicator could be used when the new lower best ask is detected,
with the difference that the column of the color-coded cells would
be displayed in the region 316 starting from the upper portion of
the interface down to the current level of the best new ask.
According to one example embodiment, the flashing column for the
new higher bid could be blue, and the flashing column for the new
lower ask could be red. However, different colors and formats of
the indicators could be used as well.
The region 318 could be used to display any calculated values of
interest predefined by a user. For example, indicators 324 and 326
display volume weighted averages "422" and "579" calculated based
on the current bids and asks, respectively. Then, indicators 328
and 330 display a range in ticks between the worst bid and the
worst ask, and indicators 332 and 334 display a difference between
324 and 326 as net ticks in between. It should be understood that
the displayed values are only example, and values could represent
any user defined relationship derivative determined from any data
in the system.
Similarly to the market depth indicators and values displayed in
the value axis 302, the indicators in other regions also change
positions when a repositioning command is received. Also, the
values that are displayed in relation to the indicators are
recalculated based on new market updates that are received from an
electronic exchange for a tradeable object to reflect current
market conditions. It should be understood that the indicators
displayed in the interface 300 could be based on market data of a
tradeable object corresponding to market depth displayed in the
market depth region 304 or yet a different tradeable object.
The trading interface 300 also allows a trader to lock a selection
cursor at a user-specified location, so that when physical
locations of displayed values and indicators change upon receiving
a repositioning command, the cursor is repositioned accordingly so
that it remains positioned at the user-specified location. This
locking mechanism is beneficial to a trader because, as the prices
displayed on the trading interface 300 can unexpectedly move upon
the market changes, the user's cursor will be automatically
repositioned as well to a new position of the user-specified
location. The preservation of the most recent user's intent coupled
to a changing market view responsive to the most recent market
depth update allows a trader, among other things, to place orders
at desired price levels.
The locked location of the cursor may be shown on the interface by
highlighting a location, such as a cell, in one of the regions of
the interface 300. In the embodiment illustrated in FIG. 3, the
locked location of the cursor corresponds to the price level of
129.65 and is identified by highlighting a cell corresponding to
129.65 on the value axis 302. According to one example embodiment,
different indicators could be used to differentiate a potential
selection based on a current position of the cursor vs. an actual
selection based on an actual selection of a specific location on
the trading interface 300 with a user input device. For example, if
a user were to select with a user input device a location
corresponding to the price level of 129.65 to enter a buy order at
the price level of 129.65, a different indicator or a different
color could be used to indicate that a fully parameterized order
ticket is in the queue, and is ready to be sent to an electronic
exchange for matching. More information on methods and embodiments
for locking a cursor in relation to an item of interface can be
found in the commonly assigned U.S. patent application Ser. No.
10/729,123, entitled "Method and System for Displaying a Cursor on
a Trading Screen," filed on Dec. 5, 2003, incorporated herein by
reference.
It should be understood that many different order entry mechanisms
could be used to send orders to an electronic exchange. According
to one example embodiment, a user could select a location in the
market depth region 304 to enter orders. For example, using a mouse
as a user selection input, a right click could activate placement
of a buy order, and a left click could activate placement of a sell
order, or vice versa. In such an embodiment, a price of the order
would be determined based on the selected location in the market
depth region 304. However, it should be understood that a trader
could also select any location in a different region, such as the
price region 302, to enter an order. Also, it should be understood
that a user could preset a number of default parameters to be used
in relation to orders, such as a default order quantity.
Alternatively, a confirmation ticket could be used to allow a
trader to confirm or alter order parameters before the order is
sent to an electronic exchange.
While the market depth and prices displayed on the trading
interface 300 may fluctuate up and down based on changing market
conditions, in addition to the indicators in the region 316, the
interface 300 provides a trader other means that can be used by a
trader to accurately track directional movements of the market.
According to one example embodiment, a trader can mark one or more
price levels to be used as reference points to determine direction
of the market as the market data displayed on the interface
changes. A trader could select a reference point by selecting a
desired price level with a predetermined selection input, such as
selecting a predefined key combination, before clicking on a
desired price level. Upon selecting a desired price level to be
used as a reference point, the trading interface could display a
market movement indicator in relation to the selected price level.
The first such market movement indicator is shown at 336 and
corresponds to the current bid price of 129.67, and the second
market movement indicator is shown at 338 at the current ask price
of 129.71. While each indicator 336 and 338 is a horizontal
indicator and highlights the entire row corresponding to each
respective price, it should be understood that different indicator
formats could be used as well based on the user's preferences.
Also, the indicators could be color-coded to differentiate the
indicator at the bid price from that at the ask price.
Similarly to other indicators displayed on the trading interface
300, the market movement indicators also move as the market
conditions change and as the prices corresponding to the market
movement indicators 336 and 338 are displayed at different
locations on the interface 300. Using such indicators, a trader can
see the position of the marked price in relation to the current
market conditions. Additionally, such indicators could be
differentiated by color or some other means so as to indicate a
price level where sellers became active or aggressive thereby
creating a "resistance" price level, or alternatively where buyers
may have indicated interest by becoming active thereby creating
"support" price levels. Such indicators could be either set
manually or by other conditionally automatic means.
According to one example embodiment, as the market conditions
change, such as when the current market including any designated
market related parameter falls below, goes above, or hits the price
level marked with the indicator, an alert could be provided to
signal to a trader the occurring market changes. It should be
understood that, based on the configuration, the same or a
different alert could also be provided when current market is
within a predefined range of prices determined based on the marked
price level, such when the current market is getting close to the
market price level. The alert could take many different formats.
For example, the indicator could start flashing, change color, and
then disappear to alert a trader that the market crossed the price
level corresponding to the indicator. According to one example
embodiment, if a market movement indicator is associated with a
"resistance" or a selling price level, such as indicator 338, an
alert could be provided when, upon receiving a market update, the
current best bid is now at or above the price corresponding to the
selling indicator. Similarly, for an indicator that is placed at a
price level that corresponds to a "support" or buying price level,
such as indicator 336, an alert could be provided when, upon
receiving a market update, the best ask is now lower than or equal
to the price corresponding to the buying indicator.
It should be understood that the time when an alert is provided
could depend on the trader's preferences. For example, rather than
providing an alert at the time when the market reaches the price
level marked with an indicator, a trader may prefer to view or hear
an alert when the market reaches a price level a few ticks away
from the marked price. Further, alternatively, two alerts could be
provided, the first one, at the time when the market reaches the
price corresponding to the indicator, and the second one, at the
time when the market reaches a few ticks away from the marked
price. In such an embodiment, the market movement indicator could
be erased at the time when the second alert is provided. Those
skilled in the art will understand that many different alternative
embodiments are possible as well.
As mentioned earlier, when the market crosses the price marked with
a market movement indicator, the indicator could be then or at some
later time erased upon alerting the user of the market condition.
Then, a trader could place a new indicator at another price level
to be used as a reference in tracking future market changes.
According to an alternative embodiment, a new indicator could be
placed automatically at some user defined location, either at the
inside market or at some other price level, such as a number of
ticks below or above the inside market, depending on the user's
preferences. It should be understood that different embodiments of
activating market movement indicators and modification of the
indicators could be used as well.
The market movement indicators described above can assist a trader
in instantly recognizing the presence and magnitude of directional
price activity relative to the marked price levels. These viewable
references allow a trader to navigate and immediately understand
the "real" direction of the market activity despite any underlying
adjustment of the viewable area of the trading interface.
Additionally, the indicated price levels serve as a point of
reference as to where other participants were able to turn the
market prices in the opposite direction thus alerting the trader to
carefully and dynamically assess his trading decisions as the
market flows toward and away from or through the indicated price
levels.
In addition to the indicators described above, the trading
interface 300 may also automatically display bid and ask line
indicators. To illustrate one example operation of the bid/ask
lines, let's assume that an ask line is positioned at 129.69, as
shown at 340. Then, when the offered quantity disappears, such as
when the quantity of 265 is bought and/or cancelled, and a new bid
is placed at the price of 129.69, the ask line would be deleted,
and a new bid line would replace the old ask line. Such market
activity is often referred to as "a turn in the inside market."
According to the example above, a turn in the market would occur
when the best ask price of 129.69 would turn into a best bid at
129.69 or a higher price. In general, if the best bid is equal to
or greater than the price corresponding to the ask line, the ask
line would be erased. Then, if the ask quantity at the ask line is
bought but the bid remains below, then the ask line remains
unchanged until it is bid through. Similarly, if the best ask is
equal to or lower than the price corresponding to the bid line, the
bid line would be erased. In other words, when the market "turns"
from offered to bid or vice versa, such a condition may be
indicated with a new bid line or a new ask line, respectively.
Similarly, with respect to a bid line at 342, if the bid quantity
disappeared (such as when it was sold or cancelled), and a new ask
was placed at the price of 129.68 or lower, then a new ask line
would be drawn in place of the bid line. It should be understood
that the bid/ask lines could be color-coded, and different
indicators could be used as well to differentiate between the two
lines. While FIG. 3 shows only a single ask line and a single bid
line, it should be understood that more than one bid line and more
than one ask line could be displayed simultaneously based on the
market behavior, such as when the market is moving above or below,
or back and forth between previously established bid and ask lines
which are currently preserved unless and until the inside market
conditionally penetrates the price level relative to the user
preset values, as described earlier.
To keep the view of the current market depth in the viewable area
of the trading interface 300, one example method allows a trader to
enter a ratio that can be used to control the re-positioning
functionality of the interface. According to one example
embodiment, the ratio may include two values. The first value could
be used by a trader to define a number of ticks that the best
bid/ask is above/below a reference point, such as a centerline, or
a subsequent bid or ask price once the inside market has moved
above or below the initial reference point, usually the centerline
on the interface 300. Then, the second value could be used to
define a number of ticks by which the market view displayed on the
interface 300 is to be moved down/up when the best bid/ask is
positioned the pre-defined number of ticks above/below the
reference point. One example implementation using a ratio of 2:1
would cause the view of an interface to move downward by one tick
upon detecting that the best bid has moved up above the reference
point by two ticks. It should be understood that different market
data points displayed on the interface, other than the best
bid/ask, could be used as well to determine when the repositioning
of the interface 300 is to be activated. Also, how the market data
is repositioned on the interface could be user-configurable. For
example, the slow repositioning, down to pixel resolution of the
output device, a pixel row by a pixel row, causing market data
slowly being moved up or down could be used. A few example methods
for repositioning market data on a trading interface can be found
in the commonly assigned U.S. patent application Ser. No.
10/609,965, entitled "Repositioning of Market Information on
Trading Screens," the contents of which are incorporated herein by
reference. However, different configurations could be used as
well.
FIGS. 4A and 4B illustrate one method 400 for repositioning market
data on a graphical user interface according to one example
embodiment. While the method 400 is separated into two different
figures, with FIG. 4A corresponding to the best bid analysis, and
FIG. 4B corresponding to the best ask analysis, it should be
understood that the two analyses are ran simultaneously upon
receiving a market update from an electronic exchange.
Referring to FIG. 4A, at 402, a new market update related to a
tradeable object is received from an electronic exchange. The
market update includes, among other market data, the best bid and
the best ask corresponding to the tradeable object. At step 404, it
is determined if the lowest bid indicator and the highest ask
indicator or any other user-defined indicators are at a price that
is higher than or equal to the lowest price currently viewable on a
trading interface. Additionally, it is determined if any or all of
the mentioned indicators are at price levels that are lower or
equal to the highest price currently viewable on the trading
interface. If any of the indicators are outside the viewable area,
at 406, one or more rows, starting from the most outside rows and
moving towards the center rows, may be collapsed until all
tradeable prices are visible. According to one example embodiment,
rows corresponding to prices associated with no currently pending
tradeable quantity could be collapsed first, as will be illustrated
in one of the subsequent figures, to allow a trader the view of as
many un-collapsed price levels close to the inside market as
possible. Also, it should be understood that, while FIG. 4A refers
to collapsing the rows of the interface, it should be understood
that columns could be collapsed as well when the layout of the
interface is horizontal rather than vertical. Different
implementations are possible as well.
Once the rows are collapsed, or the collapsing is not activated, at
step 408, it is determined if the best bid is at a price that is
higher than a price currently displayed at a reference point, which
in this example corresponds to the center of the interface, and if
the best bid is greater than Y2, which corresponds to the previous
bid. If the conditions in step 408 are not satisfied, no adjustment
of the current view of the interface occurs, as shown at 410, and
the method continues at 402. Also, as shown in FIG. 4A, the
previous best bid is set to "0" until the best bid is established
above the reference point, such as above the center line. Then, if
the best bid is above the reference point, Y2 can be then reset to
a new level above the centerline. If the best ask is found below
the reference point, Y2 once again is reset to "0" as the method
400 would be shifted to that shown in relation to FIG. 4B where the
best ask, rather than the best bid, would be compared to the
reference point. In such an embodiment, the method would once again
return to the best bid analysis at the time when the adjusted view
of the market displayed the best bid above the reference point on
the interface. At 412, it is determined if the best bid minus "X"
ticks falls at a price or above the price currently displayed at
the centerline, and if the best bid is higher than or equal to
"Y2." If it is not, no adjustment of the interface occurs.
Otherwise, at 416, the view of the interface is adjusted down by
"Y1" ticks or rows. It should be understood that the value of "Y1"
could be user configurable.
Referring now to FIG. 4B, the first three steps 418, 420, and 422
correspond to steps 402, 404, and 406 described in reference to
FIG. 4A. Then, at 424, it is determined if the best ask is below
the center of the interface, and if the best ask is lower than
"Y3," the previous ask. If the best ask is not lower than the
center and not lower than "Y3," at 426, the view of the interface
is left unchanged. Otherwise, at 428, it is determined if the best
ask plus "X" ticks falls below or at the centerline, and if it is
lower than or equal to "Y3." If it is not, at 430, the view of the
interface is left unchanged. Otherwise, at 432, the view of the
interface is adjusted up by "Y1" ticks or rows. It should be
understood that the same or different values of "Y1" could be used
in relation to the adjustment triggered by the position of the best
bid and the best ask. Also, as the best ask and the best bid move
further from the centerline, such as the best bid or the best ask
is, for example, "2X" from the centerline, the value of "Y1" could
be proportionately and automatically adjusted to "2Y1." Different
variations are possible as well.
Even with the use of the method 400 described above, certain market
conditions, such as when the market is moving very rapidly in one
direction, could cause data displayed on a trading interface to
move extremely fast above or below the viewable area of interface.
Such a problem may arise when the market is so fast that the
repositioning method cannot react quickly enough to bring the
market view to the center of the screen. To prevent the market view
moving off the screen, the method 400 could be modified upon
detecting certain market conditions, such as when the rate of
changing market conditions is above a predefined value. More
specifically, upon detecting a rapidly moving market and the market
depth reaching a predefined level above the bottom or below the top
of the interface, a temporary buffer could be created at the bottom
or at the top of the viewable area. According to one example
embodiment, such a buffer could be equal to the number of rows of
each side of the market depth, such as, for example, 5 rows on the
bottom for the bid side, and 5 rows at the top for the ask side.
Additional rows could be added for each pending order price
indicator or a position indicator. Then, when the market moves so
rapidly that the buffer on either side of the interface is
activated, the rows corresponding to the buffer may be locked and
the prices in the locked rows could change until there is a turn in
the market and the method 400 can resume its normal operation. It
should be understood that a different number of rows could be set
to correspond to a buffer zone, and the buffer zone could be
activated based on the user-defined conditions.
Referring back to FIG. 3, the trading interface 300 illustrated one
configuration of an interface for displaying market data according
to one example embodiment. The following figures will be used to
illustrate the operation of the trading interface by showing the
display of market depth at later time intervals, with the
interfaces maintaining the viewable market depth by repositioning
the displayed market data. While for the ease of illustration the
following trading interface may omit some indicators that were
shown in relation to FIG. 3, it should be understood that the same
or additional indicators could be used as well.
FIG. 5 is a block diagram illustrating a subsequent view of the
trading interface shown in FIG. 3 after receiving a next market
update. As shown in FIG. 5, the inside market is now 1 tick higher
compared to the inside market in FIG. 3, with the current best bid
at 129.69 and the current best ask at 129.70. As shown in FIG. 5,
the current best bid at 129.69 and the best ask at 129.70 are
positioned slightly above the center of the interface 500. Also,
based on the current market conditions, the market data displayed
in the interface has been dynamically updated. It should be noted;
however, that with the use of the 2:1 ratio in relation to the
inside market, since the inside market has moved only one tick, no
repositioning took place.
The trading interface 500 shows the bid line 342 from FIG. 3, and a
new bid line 502 that was created at 129.69. As explained earlier,
a new bid line is created when a quantity at a price level
corresponding to an ask line is bought or cancelled, and a new best
bid is positioned at that price level, thus, indicating a turn in
the market, as in the instant case. Comparing market conditions
depicted in FIGS. 3 and 4, the ask line 340 corresponding to the
best ask was shown in FIG. 3 at 129.69. Then, as shown in FIG. 5,
based on the new update, the market activity created a turn in the
market, resulting in the best bid now pending at 129.69, thus,
causing creation of the new bid line at 129.69.
As the market has not crossed any of the market movement lines 336
and 338 shown in FIG. 3, the interface 500 continues to show the
market movement lines 338 and 336 at the original price levels.
The trading interface 500 also indicates in the column 308 the
total quantity traded on the current best bid, which in this
example corresponds to a total quantity of 9 that was bought when
in a previous market state the ask was offered at 129.69, and a new
bid became active at 129.69 after the quantity of 9 was bought.
Column 308 also shows the total quantity traded "1" on the bid at
129.67 that was sold at 129.67 when the best bid was at 129.67. The
column 306 displays updated values for the number of pending orders
that create the overall market depth quantity displayed at each
corresponding price level in the market depth column 304. A point
of reference marker 504 in column 316 indicates that the current
best bid at 129.69 is higher than the previous best bid. Also, the
values of indicators 324-334 displayed in the column 318 have been
updated based on the current market conditions.
As explained in relation to FIG. 3, a trader has the ability to
lock a cursor to a desired location on a trading screen so that
when the market information displayed on the interface changes,
such as shown in FIG. 5, the cursor is moved as the selected value
changes location on the interface. Referring back to FIG. 3, the
cursor was locked at the value of 129.65. Now, in FIG. 5, despite
the change in the view of the display upon the market movement, the
cursor remained located at the value of 129.65, as shown at
506.
FIG. 6 is a block diagram illustrating a view of the trading
interface shown in FIG. 5 after receiving a new market update.
As compared to the market conditions shown in FIG. 5, the inside
market is now at 129.72 and 129.73, which correspond to the best
bid and the best ask, respectively. Using the 2:1 ratio, and based
on the adjustment method described above, the market view between
the snapshots in FIGS. 6 and 3 has been adjusted to keep the
display of current market data substantially at the center of the
trading screen.
As the market moved up a few ticks levels compared to the market
conditions in FIG. 5, no additional bid or ask lines were created,
thus, leaving the bid lines 342 and 502 intact. However, as the
market crossed the price level of the market movement indicator 338
shown in FIG. 5, the market movement indicator has been modified to
signal to a trader that the market crossed the marked price level.
As mentioned earlier, different means could be used to alert a
trader of the market movement beyond the price level marked with
the indicator. In FIG. 6, a new indicator 602 is displayed in
relation to the price level of 129.71 that corresponded to the
indicator in FIG. 5. Also, as the market did not cross the price
level corresponding to the market movement indicator 336, the
indicator 336 remained displayed, as shown in FIG. 6.
As explained in relation to the proceedings figures, once again the
values displayed in each region of the interface 600 are updated to
reflect the current market conditions. Also, as the market data
displayed on the interface 600 dynamically changed to reflect
current market conditions, and the cursor was dynamically
repositioned as well to remain displayed at 129.65.
While FIGS. 3, 5, and 6, show interfaces that display market depth
having continuous market prices, some market conditions may result
in creation of gaps between tradeable prices (prices having pending
quantities). FIGS. 7-8 illustrate example interfaces that will be
used to display market depth with price gaps. While each figure
displays a continuous value axis, it should be understood that some
or all cells corresponding to bid and ask prices with no tradeable
quantities could be collapsed so that mostly tradeable prices would
be displayed within the market depth range, the embodiments of
which will be described later.
FIG. 7 is a block diagram illustrating an interface 800 for
displaying market data having price gaps. As shown in FIG. 7, the
price grid range on the value axis 302 falls between 129.84 and
129.54, with the best bid at 129.73 and the best ask at 129.76. As
shown in FIG. 7, different shade or different color could be used
in relation to price levels with no pending quantity, such as the
price level of 129.72 below the best bid. For example, lighter blue
could be used in relation to the price level of 129.72 and other
such price levels on the bid side, and lighter red could be used in
relation to price levels with no pending quantities on the ask side
of the market depth. Yet, a different color could be used to
indicate a price gap between the best bid and the best ask, such as
the gap corresponding to 129.75 and 129.74. The interface 800 shows
four bid lines 702, 704, 706, and 708, and one ask line 710.
The interface 700 also includes a point of reference marker 702 in
column 316. As shown in FIG. 7, the point of reference marker 702
is color-coded to indicate prices with pending quantities. As
shown, the portions of the marker 702 corresponding to value cells
with pending quantities are darker than those with no pending
quantities. However, different embodiments could be used as well to
indicate market depth levels with no pending quantity. The
interface 700 also includes previously described indicators
displayed in the plurality of columns, with the values of the
indicators updated based on the current market conditions. Also, as
shown, the cursor remains locked at the value of 129.65.
Some markets, in addition to non-contiguous price values, may have
a market depth range that is greater than a range of displayable
price levels on a trading interface. To enable a trader to view the
entire range of market depth, one example trading interface allows
for collapsing cells/rows corresponding to non-tradeable prices
between the non-contiguous but tradeable price levels furthest away
from the inside market so that a trader can view the entire market
range. FIG. 8 is a block diagram that illustrates a trading
interface 800 that displays market depth having non-contiguous
tradeable price levels and a range of prices greater than a
viewable price range. As shown at the interface 800, the best bid
and the best ask are at 118.95 and 119.06, respectively, creating a
gap of prices with no tradeable quantities.
According to one example embodiment, the trading interface 800
displays the worst bid and the worst ask with pending quantities by
compressing cells having no tradeable quantities in the lowermost
and the uppermost portions of the interface 800, such as shown at
804 and 802, respectively. Because many traders tend to enter
orders a few ticks away from the inside market, one example
embodiment does not collapse non-tradeable price levels that are
located close to the inside market levels. Two such areas are shown
in the interface 800 that displays 5 price levels having no pending
quantity on the bid side, and 4 such price levels on the ask side.
It should be understood that a trader could enter orders at prices
or in between prices that have no physical location on the
interface 800, such as one of the prices in the collapsed range
802, by entering a predetermined user selection input that would
result in display of the collapsed prices. For example, a different
user selection input could be used to display collapsed prices on
the ask side of the market depth, and a different input could be
used to display collapsed prices on the bid side.
It will be apparent to those of ordinary skill in the art that
methods involved in the system and methods described above may be
embodied in a computer program product that includes one or more
computer readable media. For example, a computer readable medium
can include a readable memory device, such as a hard drive device,
a CD-ROM, a DVD-ROM, or a computer diskette, having computer
readable program code segments stored thereon. The computer
readable medium can also include a communications or transmission
medium, such as, a bus or a communication link, either optical,
wired or wireless having program code segments carried thereon as
digital or analog data signals.
The claims should not be read as limited to the described order or
elements unless stated to that effect. Therefore, all embodiments
that come within the scope and spirit of the following claims and
equivalents thereto are claimed as the invention.
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